Notes for Private Trust

Transcription

1 tes for Private Trust Purpose of this form When to complete this form Definition of a partner For more information If you have a hearing or speech impairment Interpreters and translations The information is needed so that the Australian Government Department of Human Services can assess your involvement in a Private Trust. If, in the last 5 years, you (and/or your partner) have been involved with or have transferred funds or assets to a private trust that has not been vested, you will need to complete this form. If, in the last 5 years, you (and/or your partner) have made any type of gifts involving a private trust (either active or vested) you will also need to complete this form. If the private trust is now vested and no gifts need to be declared, you do not need to complete this form. However, you will need to provide evidence of the vesting. You DO NOT need to complete this form if it is a Special Disability Trust or Complying Self Managed Superannuation Fund. For the Department of Human Services purposes a person is considered to be your partner if you and the person are living together, or usually live together, and are: married, or in a registered relationship (opposite-sex or same-sex), or in a de facto relationship (opposite-sex or same-sex). We consider a person to be in a de facto relationship from the time they commence living with another person as a member of a couple. We recognise all couples, opposite-sex and same-sex. Go to our website or call us on or visit one of our Service Centres. To speak to us in languages other than English, call 3 0. te: Call charges apply calls from mobile phones may be charged at a higher rate. TTY service Freecall A TTY phone is required to use this service. If you need an interpreter or translation of any documents for our business, we can arrange this for you free of charge. Please keep these tes (pages to 6) for your information. tes of 6

2 What else you will need to provide Returning your form(s) tification and Review This form tells you which other documents you need to provide to support your claim. Depending on your circumstances, you may have to fill in other forms. Arrange to have completed trust and personal income tax returns for the last financial year so you can provide copies with your completed form(s). If you believe the most recent documents you provide are not an accurate reflection of your trust income and/or assets, provide a profit and loss statement and/or balance sheet since the most recently completed financial statements and all relevant documents supporting your claim. You will need to complete a separate form for each trust you are involved in. If you are involved in more than one trust or company, you only need to provide one set of personal income tax returns. Check that you have answered all the questions you need to answer and that you have signed and dated this form. If you return required documents (and your form): online you can submit your documents online if you are registered for Online Services. by post we will sight and record your documents, which may include copying, and return the originals to you by registered post. in person we will sight and record your documents, which may include copying, and return the originals to you. Return this form, all additional documents and any other forms you are required to complete to one of our Service Centres or online within 4 days to make sure you are paid from the earliest date possible. If you cannot return all the forms or documents within 4 days, contact us for extra time. For more information on how to access Online Services or how to lodge documents online, go to Your involvement with a trust may be reviewed each year if it is likely to affect your payment amount. If you are selected for a review, you will be notified and the review will coincide with the lodging of the trust income tax return. It is important that you tell us of any changes to the trust s circumstances that may affect your payment as they occur. For example, things like changes in the trust s income or expenses, gifts made or received or distributions made must be notified within 4 days. Keeping us up-to-date means that we can continue to pay you correctly and reduces the risk of an overpayment occurring that we will have to recover. tes of 6

3 Using a tax agent or accountant Much of the information required on the form is only available from those who know the details of the trust. Therefore we are not able to help you complete the form. We suggest you talk to the trust tax agent or accountant and consider having them complete the form on your behalf. However, it is still your responsibility to make sure the form is completed and returned. If a tax agent or accountant provides information, advice or completes the form, or provides the income tax returns for the trust, we will not reimburse any fees they may charge you for this service. What is a private trust? Private trusts include non-complying self managed superannuation funds, family trusts, testamentary trusts and those fixed trusts with fewer than 50 members and trusts outside Australia. They do not include fixed trusts with more than 50 members or any public trusts, such as unlisted property trusts or equity trusts. Involvement in a private trust A person is involved in a private trust if they or their partner: are the appointor, guardian or principal of the trust are a trustee are a shareholder or director of the trustee company are a beneficiary or included among the categories of beneficiaries are a unit holder are owed money by the trust have provided, for less than market value, property or services to the trust since 9 May 000 are able to benefit from the trust, or can expect the trustee or appointor of a trust to act in accordance with their wishes. A Direct Benefit A person may enjoy a direct benefit from a trust by having the trust pay all their personal living expenses or using the trust assets as if they were their own personal assets. An Indirect Benefit A person may enjoy an indirect benefit from the trust by having access to and use of, trust assets such as holiday homes. What is attribution? The Control Test The income and assets of a private trust may be attributed to a person based on a number of tests: a Control Test control includes control through an associate, and a Source Test where a person transfers assets or services to a trust. If a person is attributed with the income and assets of the trust, the income and assets will be assessed as if they were the person s personal income and assets. Although the day to day management of a trust is often undertaken by a trustee, effective control of a trust generally rests with a person or persons who can: dismiss and appoint a trustee, or veto a trustee s decision, or change the trust deed. This person could be the appointor, principal or guardian. The trustee of a trust may also hold some of these powers. A person may also control a trust by being able to influence the trustee to act in their favour. In some cases, the trustee could be expected to act in accordance with their wishes. tes 3 of 6

4 The Source Test The Source Test only applies where a person transfers assets or services to a trust after 7.30 pm Australian Eastern Standard Time (AEST) 9 May 000. The Source Test recognises that if you and/or your partner transfer assets or services to a trust and do not receive adequate consideration in return, you generally retain some means of control. Where you can clearly show that a genuine gift has been made and you have no ongoing involvement in the trust at all, attribution would not be made. Income Tax Returns and Financial Statements Testamentary trusts The income and asset assessment for a private trust will use the latest available income tax return and financial statements. Adjustments to the taxable income and net assets may be required under the Trust and Companies Legislation. If a testamentary trust is activated as a result of a person s partner dying on or before 3 March 00, the trust income and assets would generally be attributed to the formal controller. If the trust is being administered for the benefit of the surviving partner and if the surviving partner is exercising informal control, attribution will be to the surviving partner. Where testamentary trusts are activated as a result of a person s partner dying after 3 March 00, the surviving partner will be attributed with the income and assets of the trust if: the surviving partner directly controls the trust, or an associate has control and the surviving partner is a potential beneficiary. Resignations If you relinquish control of a private trust, you will be considered to have gifted the assets held by the trust. Gifts may be assessed for 5 years from the date of transfer. te: Documentation may be requested. Power of Attorney If you manage the affairs of a Department of Human Services customer under Power of Attorney or nominee arrangements you may not be affected by the new rules as you would usually not have contributed assets or receive any benefit from the trust. However, we will need information about the customer s involvement in a trust and you should arrange for that information to be provided. Holding assets on behalf of others Where real estate is being held in your name on behalf of a family member, there is no need to answer the questions about that real estate in the form. Where real estate is owned by the trust, details of each item of real estate must be provided in the form. If you hold a bank account or monies invested on behalf of a family member, there is no need to answer the questions about those assets in the form. You should, however, provide details of the account, investment or real estate to us. tes 4 of 6

5 Information for Primary Producers Definition of Primary Production Primary producer means a person whose principal occupation is primary production. Primary production means: production resulting directly from the cultivation of land, or the maintenance of animals or poultry for the purpose of selling them or their bodily produce, including natural increase, or fishing operations, or forest operations, and the manufacture of dairy produce by the person who produced the raw material used in that manufacture. Special Concession for Primary Producers There is a special concession for primary producers who meet certain conditions. This concession will allow some primary producers to retain limited appointorship powers without the income and assets of the private trust being attributed to them. te: Primary producers taking up this concession after 3 March 00, will have been considered to have made a gift. The conditions are: Family member running the farm As this concession is aimed at farmers wishing to retire and hand control on to the next generation, the concession is limited to circumstances where a family member is operating, or takes over the operation of the primary production enterprise. This will allow the older generation to retire without the need for the farm to support several generations. Income and asset limits The special concession is limited to primary producers who, together with their partners, meet certain income and asset requirements. Primary production assets include primary production land as well as all other primary production assets such as plant, machinery and livestock. The value of the primary production enterprise is based on current market values. We may arrange to have the primary production assets valued at no cost to the farmer or the trust. The net value of the primary production enterprise is determined by deducting the allowable primary production liabilities from the current market value of the primary production assets (less the net value of the principal home of the farmer if that principal home is owned by the trust). 70% rule More than 70% of the net value of the assets of the trust (excluding the net value of the principal home of the farmer if that principal home is owned by the trust) must relate to assets used wholly or principally for the purposes of carrying on a primary production enterprise. Continued tes 5 of 6

6 Limited appointorship The powers that the appointor can hold must be limited. This means that an irrevocable clause must be inserted into the trust deed providing that: the appointor s power to appoint a new trustee can only be exercised upon the trustee s death, resignation or legal disablement any power of veto held by the appointor is limited to the power to veto the sale of the primary production land. The appointor must also make a statutory declaration of their resignation from the trust, stating they will not exert any control over, or benefit in any way from the trust, beyond the limited benefits allowed. Neither they nor their partner can: be the trustee, or be able to be appointed as trustee have the power to change the trust deed be *capital or income beneficiaries of the trust. (*A capital beneficiary or income beneficiary is a person who is able to receive either capital or income at any time from the trust). Loans from appointors Appointors who have large loans outstanding to the trust may be assessed as still having control over the trust. If you have a large loan to the trust, you should seek advice from us as to the effect on your eligibility to this concession. Life interest in home The appointor and their partner can retain a life interest in their home if it is situated on the primary production property. Incidental fringe benefits The appointor and their partner can receive some incidental fringe benefits such as food, water, fuel, gas or electricity for personal consumption. Receiving income from the farm The appointor and their partner may continue to draw a combined income from the trust(s) during the 5 years after transfer to a limited appointorship if they are affected by the gifting rules. If there are several primary production trusts, the income limit applies to the combined income from all the trusts. If the gifting rules do not apply to a person, all income from the trust must cease for the concession to apply. For more information on the current Primary Production Concession income and asset limits, go to our website and select Private trusts and private companies under the Resources heading and access the link at the bottom of the page. Attribution to new controller Usually the family member who takes over the operation of the primary production enterprise would be appointed as the trustee of the trust. The new controller will have the income and assets of the trust taken into account should they or their partner be receiving an income support payment. This is because, as controller, the income and assets of the trust would be attributed to them. tes 6 of 6

7 Private Trust MOD PT Return Use a separate form for each trust. If you need more space to answer any questions, provide an attachment. Write the trust name and your Centrelink Reference Number on each attachment. Each form can be used jointly for all our customers and their partners who are involved in the trust. However, for privacy, you may choose to complete your own separate form. this form online or to one of our Service Centres by Your Centrelink Reference Number 5 Your partner s name Mr Mrs Miss Family name First given name Second given name Ms Other Filling in this form Please use black or blue pen. Print in BLOCK LETTERS. Mark boxes like this with a or. Where you see a box like this Go to 5 skip to the question number shown. You do not need to answer the questions in between. 6 7 Your partner s date of birth What is the name of the private trust? This private trust will be referred to as the trust on the rest of this form. For more information, refer to the tes. Your name Mr Mrs Miss Ms Other Family name First given name 8 Does the trust have a Trust Centrelink Reference Number (Trust CRN)? This is the unique number allocated by us to each trust after it has been initially assessed. Second given name Trust CRN Your date of birth 9 Trust tax file number (Trust TFN) 3 Your contact phone number ( ) 0 Trust Australian Business Number (Trust ABN) 4 Do you have a partner? Go to 7 CLK0Mod(PT) 403 of 3

8 Are you the person we can contact about details given on this form? Go to 3 4 In which month are the taxation returns and financial statements for the trust normally completed? The person we can contact about details given on this form (e.g. your tax agent or accountant) 5 Trading name under which the trust conducts business and the type of business Trading name Business name (if applicable) Type of business (e.g. primary production, retail, commercial, investment) Position in relation to the trust discussed in this form Postal address Trading name Postcode Type of business (e.g. primary production, retail, commercial, investment) Daytime phone number ( ) Fax number ( ) 3 Trading Type of business (e.g. primary production, retail, commercial, investment) 3 Contact person for future requests for taxation returns and financial statements of the trust, if required for a review (e.g. yourself, your tax agent or accountant) The person named at question You Give details below The person named below Give details below Business name (if applicable) 6 If there are more than 3 trading names, attach a separate sheet with details. What date was the trust set up? For a testamentary trust, this is the date the testator passed away. For other trusts, this is the date shown on the trust deed. Position in relation to the trust discussed in this form Postal address 7 Is the trust registered outside Australia? Postcode 8 What date did the trust commence trading? Daytime phone number ( ) Fax number ( ) 9 0 Is the trust still trading? Go to What date did it cease trading? of 3

9 3 Has the trust had a change in circumstances since the last financial statements were prepared (e.g. downturn in trade, business sold)? Give details below Is this a TESTAMENTARY trust? A testamentary trust is one set up through a will and activated by the death of the testator (the person who makes the will). Go to 5 Give details below of testator Date of death of testator Is there a surviving partner of the testator? You will need to provide a copy of the evidence of the change in circumstance (e.g. interim profit and loss statement, sale documents, current balance sheet, Administrator s or Liquidator s Report). Change in circumstances since last financial statement Relationship to the beneficiaries You will need to provide a copy of the will of the testator. Give details of surviving partner 4 Please read this before answering the question. Control includes formal control and informal control. Control includes control as a result of, or by means of, trusts, agreements, arrangements, understandings and practices, whether or not having legal or equitable force and whether or not based on legal or equitable rights. Formal control exists where a person can dismiss or appoint a trustee, veto the trustee s decisions or change the trust deed. Informal control exists where a person is capable of gaining control, or the person with formal control could reasonably be expected to act in accordance with that person s wishes. Associate includes: spouse/partner parents and grandparents children (whether biological, adoptive, step or foster) and their spouse/partner and the children of those parties and the spouse/partner of those children siblings and their spouse/partner nephews and nieces and their spouse/partner and the children of those parties and the spouse/partner of those children uncles, aunts and their spouse/partner and the children of those parties and the spouse/partner of those children a professional adviser such as an accountant, solicitor or financial adviser who may be expected to act in accordance with a person s wishes a trustee of a trust from which a person is capable of benefiting under the trust directly or indirectly a business partner a company where the directors could reasonably be expected to act in accordance with a person s directions or wishes, or where a person and associates are able to cast more than 50% of the votes that may be cast at a general meeting of the company. Does the surviving partner have: personal control of the trust? an interest and control through an associate? Centrelink Reference Number (CRN) or Department of Veterans Affairs (DVA) number (if known) Their permanent address Postcode 3 of 3

10 5 Details of the trustee 7 Details of the appointor (if applicable) The trustee may be a person or company. The name of the trustee appears on the trust tax return and the trust deed. An appointor may also be known as the guardian. It is generally the person who establishes the trust and who has the power to appoint or dismiss the trustee. of trustee of the appointor (if a person) Centrelink Reference Number (if known) Centrelink Reference Number (if known) of trustee Permanent address (if a person) Postcode Centrelink Reference Number (if known) of the appointor 3 of trustee (if a person) Centrelink Reference Number (if known) 4 of trustee (if a person) Centrelink Reference Number (if known) If there are more than 4 trustees, attach a separate sheet with details. 8 Centrelink Reference Number (if known) Permanent address Postcode If there are more than appointors, attach a separate sheet with details. Give details of any other person who has the power to: veto a trustee s decision replace the trustee control the trustee s actions, or change the trust deed. 6 Is the trustee a corporate trustee? If the trustee is a company, this is referred to as a corporate trustee. You will need to complete and attach a Private Company form (Mod PC) for the company. If you do not have this form, go to our website www. humanservices.gov.au/forms or call us on Permanent address Postcode If there is more than other person, attach a separate sheet with details. 4 of 3

11 9 Does any person have informal control of the trust? A person has informal control where they are capable of gaining control, or the person with formal control could reasonably be expected to act in accordance with their wishes. Give details of each person 3 Can any person named in question 8 exercise control INDEPENDENTLY? Give details of this person Permanent address 3 Can any person named in question 8 exercise control JOINTLY? Give details of each person Postcode Permanent address Postcode If there are more than people, attach a separate sheet with details. 30 If there are more than people, attach a separate sheet with details. Is there any person(s) who is or may be instructing any person named in question 8? Give details of each person 33 Does any person have use and enjoyment of the assets and/or income of the trust? Give details of each person If there are more than people, attach a separate sheet with details. 3 If there are more than 3 people, attach a separate sheet with details. 5 of 3

12 34 Has there been any PREVIOUS trustees and/or appointors since January 00? Give details of the PREVIOUS trustee/appointor 35 Is this trust a unit trust? A unit trust is a non-discretionary trust where each beneficiary holds a number of units. The beneficiary is entitled to income and capital in the proportion of the number of units held. Give details of all unitholders and their unitholding Permanent address Class of unit Number Purchase price Postcode Date of the change Reason for change Class of unit Number Purchase price 3 Class of unit Number Purchase price Permanent address 4 Date of the change Postcode Class of unit Number Purchase price Reason for change 5 If there are more than PREVIOUS trustees/appointors, attach a separate sheet with details. Class of unit Number Purchase price 6 of 3

13 Continued 6 36 Who are the beneficiaries (including potential beneficiaries if known) of the trust? Class of unit 7 Class of unit 8 Number Purchase price Number Purchase price Relationship to appointor(s) (if known) Relationship to: trustee if a person director if a corporate trustee Relationship to appointor(s) (if known) Relationship to: trustee if a person director if a corporate trustee Class of unit Number Purchase price If there are more than 8 unitholders, attach a separate sheet with details. 3 Relationship to appointor(s) (if known) Relationship to: trustee if a person director if a corporate trustee 4 Relationship to appointor(s) (if known) Relationship to: trustee if a person director if a corporate trustee 5 Relationship to appointor(s) (if known) Relationship to: trustee if a person director if a corporate trustee 7 of 3

14 Continued 6 Relationship to appointor(s) (if known) Relationship to: trustee if a person director if a corporate trustee 7 Relationship to appointor(s) (if known) Relationship to: trustee if a person director if a corporate trustee 8 Relationship to appointor(s) (if known) Relationship to: trustee if a person director if a corporate trustee 37 Please read this before answering the question. A person may be unable to handle their own affairs because they are under age (a minor) and therefore unable to sign contracts, or are unable to understand a contract because of an intellectual disability, or are unable to make a decision for themselves because they have a severe physical disability (e.g. they are in a coma). Exclusive benefit means that all income earned by the trust, or distributed assets of the trust, has been used for the sole benefit of the person who is unable to handle their own financial affairs. Is the trust administered for the exclusive benefit of a person under 8 years of age, or an adult unable to manage their own affairs? Give details below Source of the funds may include an insurance payment, a transport accident compensation payment or an inheritance. Date on which the person will be able to access their entitlement directly the terms of the trust may be that the person who is unable to handle their own financial affairs is able to access the monies held on their behalf when they reach a certain age (e.g. years of age). of the beneficiary 9 What is the source of funds for the trust? Relationship to appointor(s) (if known) Relationship to: trustee if a person director if a corporate trustee Date on which the person will be able to access their entitlement directly OR, if no date, why are they unable to manage their own affairs? 0 Relationship to appointor(s) (if known) Relationship to: trustee if a person director if a corporate trustee 38 Is your role as a beneficiary only? You will need to provide a copy of the Resolution to Distribute and evidence of the Beneficiary Loan account balance. Go to 96 If there are more than 0 beneficiaries, attach a separate sheet with details. 8 of 3

15 39 Is the trust a fixed trust set up before 7.30 pm AEST on 9 May 000? A fixed trust is one where the trust deed names the person who will benefit from the trust and specifies the income and/or assets they will receive. 4 Have the entitlements altered since then? Give details of each change Owner of entitlement(s) Go to 45 What changed? 40 Did the fixed trust entitlements exist prior to 7.30 pm AEST on 9 May 000? Go to 4 Date of change Owner of entitlement(s) What changed? Date of change If there are more than changes, attach a separate sheet with details. 4 If a unit trust, have additional units been issued since 7.30 pm AEST on 9 May 000? Give details of the people to whom the units were issued Number of units Number of units 3 Number of units If there are more than 3 people, attach a separate sheet with details. 9 of 3

16 43 44 Have additional contributions been received by the trust since 7.30 pm AEST on 9 May 000? A contribution may be in the form of cash, investments, services or real estate. Give details of the contributions Contributed by (name of person or organisation) (if applicable) Amount Contributed by (name of person or organisation) (if applicable) 3 Amount Contributed by (name of person or organisation) (if applicable) Amount If there are more than 3 additional contributions, attach a separate sheet with details. Have there been any other changes to the trust since 7.30 pm AEST on 9 May 000? Give details below 45 Has anyone gifted, transferred or sold for less than their market value, any investments, services, real estate or other assets to this trust since 7.30 pm AEST on 9 May 000? The trust balance sheet usually shows assets at their historical or Written Down Values (WDV). Provide the Current Market Value (CMV) of the assets. The CMV is the price a purchaser is willing to pay for an item. Only an estimate of the asset value is needed. If a professional valuation is required for any assets, we may have the assets valued at no cost to you or the trust or company. Give details of each contribution What was contributed? A contribution may be in the form of cash, investments, services or real estate. If the contribution was in the form of real estate, you must complete the Trust Real estate details section (questions 59 to 88), about that real estate. Date of contribution If you are not sure of the exact date of the contribution, provide the year and month. However, if the contribution was made in May 000, it is important that you provide the full date. Value of contribution The value of a cash contribution is the amount contributed. The value of services is the gross amount normally charged by a qualified person for a similar service. The value of real estate contributed is the market value at the time the property was transferred to the trust. of contributor Is the person: Still living Deceased Nature of the contribution: Gifted Transferred Sold for less than market value What was contributed? Date of contribution Value of contribution Amount originally paid for contribution (if applicable) 0 of 3

17 Continued of contributor Is the person: Still living Deceased Nature of the contribution: Gifted Transferred Sold for less than market value What was contributed? Date of contribution 46 Does the trust hold any shares in PUBLIC companies? Include any futures, options, derivatives, rights or convertible notes or other securities listed on the Australian Securities Exchange (ASX) or stock exchange outside Australia held by the trust. Include shares, options or rights issues in a public company which are not listed on a securities or stock exchange. Give details below All details required may be found on the certificate or statement for the share investment. You will need to provide a copy of the latest statement detailing the shareholding in each company. Value of contribution of the public company Amount originally paid for contribution (if applicable) ASX code Type of shares held Number If there are more than contributors, attach a separate sheet with details. of the public company ASX code Type of shares held Number 3 of the public company ASX code Type of shares held Number 4 of the public company ASX code Type of shares held Number 5 of the public company ASX code Type of shares held Number 6 of the public company ASX code Type of shares held Number If there are more than 6 public companies, attach a separate sheet with details. of 3

18 47 Does the trust hold any managed investments? 48 Does the trust hold any shares in other PRIVATE companies? Managed investment is an investment with a company or trust where the assets are not held in the name of the investors or investors do not have control over the management of the assets but have a legally enforceable right to share in any distribution of income or profits derived from the investment (e.g. insurance bonds, friendly society bonds and public unit trusts). Give details below All details required may be found on the certificate for the investment. of the fund manager of the product and product option You will need to provide a copy of a document which gives details (e.g. certificate with number of units or account balance) for each investment. Number of units held (if applicable) Give details below You will need to complete and attach a Private Company form (Mod PC) for each of these companies. If you do not have this form, go to our website www. humanservices.gov.au/forms or call us on Company Centrelink Reference Number (Company CRN) If you have a Company CRN for any of these companies, write that number. If you do not have a Company CRN, write NIL. Company tax file number (Company TFN) The tax file number of each private company can be found on the tax return for the company. Company Australian Business Number (Company ABN) The ABN of each private company will have been provided by the Australian Taxation Office. If the company has not received an ABN, write NIL. of the company APIR code (if known) Value of the investment Company CRN of the fund manager of the product and product option Number of units held (if applicable) Company TFN Company ABN of the company APIR code (if known) Value of the investment Company CRN 3 of the fund manager of the product and product option Number of units held (if applicable) 3 Company TFN Company ABN of the company APIR code (if known) Value of the investment Company CRN 4 of the fund manager of the product and product option Number of units held (if applicable) Company TFN Company ABN If there are more than 3 private companies, attach a separate sheet with details. APIR code (if known) Value of the investment If there are more than 4 managed investments, attach a separate sheet with details. of 3

19 49 Does the trust own any assets? Go to 5 50 Give details of the assets held by the trust, other than real estate owned by the trust and assets detailed in questions 45 to 48? The trust balance sheet usually shows assets at their historical or Written Down Values (WDV). Provide the Current Market Value (CMV) of the assets. The CMV is the price a purchaser is willing to pay for an item. Only an estimate of the asset value is needed. If a professional valuation is required for any assets, we may have the assets valued at no cost to you or the trust or company. 5 Does the trust owe money to anyone, including associates? Money owed by the trust includes salaries and wages owed, loans made to the trust and distributions allocated to a beneficiary that have not yet been paid to the beneficiary. Associate is defined at question 4. Go to 53 Give details of each amount owed You will need to provide a copy of the beneficiary loan account details individual account balances. of person or associate Type of asset PLANT & EQUIPMENT MACHINERY Tick if this is a primary production asset Your estimate of the current market value Amount owed Interest rate paid on the loan of person or associate % VEHICLES LIVESTOCK STOCK LICENCES BANK ACCOUNTS Other (describe) 3 Interest rate paid on the loan % of person or associate 4 Amount owed Amount owed Interest rate paid on the loan % of person or associate Amount owed 5 Interest rate paid on the loan % of person or associate Amount owed Interest rate paid on the loan % If there are more than 5 people or associates, attach a separate sheet with details. 3 of 3

20 5 Is there a written loan agreement, witnessed by a third party, of a loan from a person or an associate? You will need to provide a copy of each loan agreement. For a liability of the trust to be allowed by us, the amount owing would need to be documented by a written loan agreement signed by all parties to the agreement and witnessed by a genuine third party. Associates are not considered to be genuine third parties. A loan agreement witnessed by an accountant or solicitor who is not a family member may be allowed. Disallowed loans will increase the net assets of the trust attributed to the controller as well as being assessed as an asset of the lender. 53 Are there any other liabilities of the trust? Give details for each liability Type of liability includes bank loan, mortgage, fully drawn advance, personal loans not specified in question 5. Collateral security is fall-back security in the event that the primary security is insufficient. Type of liability Asset secured against Amount of liability Current market value of asset Tick if this is collateral security Tick if this is a primary production asset Type of liability Amount of liability Asset secured against Current market value of asset Tick if this is collateral security Tick if this is a primary production asset 3 Type of liability Amount of liability Asset secured against Current market value of asset Tick if this is collateral security Tick if this is a primary production asset 4 Type of liability Amount of liability Asset secured against Current market value of asset Tick if this is collateral security Tick if this is a primary production asset 5 Type of liability Amount of liability Asset secured against Current market value of asset Tick if this is collateral security Tick if this is a primary production asset If there are more than 5 liabilities, attach a separate sheet with details. 4 of 3

21 54 Is the trust a beneficiary of another private trust? Give details of each trust You will need to complete and attach a Private Trust form (Mod PT) for each of these trusts. If you do not have this form, go to our website www. humanservices.gov.au/forms or call us on Trust Centrelink Reference Number (Trust CRN) If you have a Trust CRN for any of these trusts, write that number. If you do not have a Trust CRN, write NIL. Trust tax file number (Trust TFN) The tax file number of each private trust can be found on the tax return for the trust. Trust Australian Business Number (Trust ABN) The ABN of each private trust will have been provided by the Australian Taxation Office. If the trust has not received an ABN, write NIL. of the private trust Trust CRN Trust TFN Trust ABN of the private trust Trust CRN Trust TFN Trust ABN 3 of the private trust Trust CRN Trust TFN Trust ABN 4 of the private trust Trust CRN Trust TFN Trust ABN If there are more than 4 private trusts, attach a separate sheet with details. 55 Did any associate as defined in question 4 or any person named in questions 5, 7, 8, 9 or 36 receive, or were they entitled to receive, any INCOME from the trust in the last financial year? Includes wages, salaries, director s fees, bonus shares, an income or capital distribution, superannuation contributions made on the person s behalf to a superannuation fund. Give details of each person Total wages entitled Total superannuation entitled Financial year of payment You (and your partner) will need to attach a copy of your latest personal income tax returns. Type of income Total wages paid Total superannuation paid Will the person receive this income in the current financial year? Total wages entitled Total superannuation entitled Financial year of payment Type of income Total wages paid Total superannuation paid Will the person receive this income in the current financial year? 5 of 3

22 Continued 3 Total wages entitled Total superannuation entitled Financial year of payment Type of income Total wages paid Total superannuation paid Will the person receive this income in the current financial year? 57 Did any person named in questions 5, 7, 8, 9 or 36 receive, or were they entitled to receive, any BENEFIT from the trust in the last financial year? Includes non-cash benefits. A person may enjoy an indirect or direct benefit from a trust (e.g. having the trust pay their personal living expenses, or having access to, or use of trust assets). Give details of each person Value Type of benefit Financial year of payment If there are more than 3 people, attach a separate sheet with details. 56 Has the income changed since the last financial year as indicated in question 55? Give details of current income Value Type of benefit Financial year of payment 3 Value Type of benefit Financial year of payment If there are more than 3 people, attach a separate sheet with details. 58 Does the trust own any real estate? Go to 89 How many properties does the trust hold? You must complete the Trust Real estate details section (questions 59 to 88) on the following pages. You will need to complete one Trust Real estate details section for each property. To obtain more copies of the Trust Real estate details section, you can: copy the Trust Real estate details section (pages 7 to 0) before completing it print the Real estate details form (Mod R) from our website www. humanservices.gov.au/forms 6 of 3

23 Trust Real estate details A separate Trust Real estate details section (questions 59 to 88) must be completed for each real estate property owned by the trust. 65 What is the legal description of the property (e.g. lot, section, parish - this may appear on the rates notice)? te: If the property is made up of more than title, give details for each separate title. 59 of the trust which holds the real estate 60 Trust CRN if applicable You will need to provide a copy of the latest council rate/valuation notice. 66 What is the area or dimension of the property? Complete ONE of these measurements only. 6 Trust ABN Area in hectares OR Area in acres 6 Address of the property OR Dimensions X Postcode 63 What date did the property become an asset of the trust? 67 If the property is made up of more than title, attach a separate sheet with details of the area or dimensions for each title. Does the trust have 00 per cent ownership of the property? Go to What type of property is this? Vacant land 68 Who owns the property? Bush block You Percentage owned % Home office/business House Self contained flat (part of or attached to a residence) Your partner Percentage owned Private Trust Percentage owned % % Units/flats/town house Retail premises Commercial premises Industrial premises Farm (or hobby farm) Market garden Residential block larger than hectares (5 acres) Private Company Other of person/entity Percentage owned % Percentage owned Give details below % Other Give details below 69 What is your estimate of the current market value of the property, including land and buildings? You will need to provide an estimate of the value. You do not need to have the property professionally valued. We may have the property valued at no cost to the trust. 7 of 3

24 70 Is there a residence on the property? Go to 76 7 Does any trustee, appointor, unit holder or beneficiary live on the property? Go to 76 If the property has an area greater than hectares, what is the estimate of the value of the residence and surrounding hectares? 7 Is the property on more than title? What is the estimate of the value of the residence and surrounding title? 73 Is the person who lives on the property currently over age pension age and in receipt of, or claiming Age Pension, Carer Payment or Department of Veterans Affairs Service Pension, or the partner of someone who is? Go to Has the property been their principal home for 0 years or more continuously? Go to Does the person (and/or their partner) or a family member use the property to support themselves? Describe how they support themselves 78 How is the property currently used? 79 Is there any potential commercial use of the property (e.g. subdividing, agistment, hobby farming)? Describe the potential commercial use of the property 80 Have or more titles been amalgamated after 9 May 006? int 8 Does the trust receive any rental income from leasing of the property? Give details below Amount of rent received of the person renting the property 8 Is the property mortgaged or encumbered? 76 Is the property used to produce an income? Go to Explain why the property is not being used to produce an income. Give details below Date of loan Amount of the loan of finance provider Collateral security Interest rate % Balance of the loan You will need to provide a copy of the loan agreement showing the securities used and the latest loan statement. 8 of 3

25 83 Have any other properties or investments been used to secure the loan to purchase this property? Give details below (e.g. address) 85 Are there any exceptional circumstances affecting the property? This may include details such as: water on property for grazing livestock, lack of adequate fencing, hills, rocky ground, natural bushland, unusual title, etc. Give details below 84 Describe all buildings on the property What is the floor area in sq. metres (approx.)? How old is the building? Type of construction Exterior (e.g. brick, timber) Interior (e.g. plaster, not lined) Roof (e.g. iron, tiles) General condition Number of flats/units (if applicable) For residential building, number of bedrooms Number of other rooms (excluding laundry, bathroom, toilet) What is the floor area in sq. metres (approx.)? How old is the building? 86 If the property is hard to locate, give full directions, or provide a map. Type of construction Exterior (e.g. brick, timber) Interior (e.g. plaster, not lined) Roof (e.g. iron, tiles) General condition Number of flats/units (if applicable) For residential building, number of bedrooms Number of other rooms (excluding laundry, bathroom, toilet) If there are more than buildings, attach a separate sheet with details. 9 of 3

26 Authority to inspect the property Purpose of this authority To enable us to correctly assess your entitlement, it may be necessary for a valuation of the property to be completed. In order to continue paying your correct entitlement, we may arrange to have the property professionally valued from time to time, at no cost to you or the trust or company. Why is a valuation required? Social security law requires that the value of assets (e.g. property, shares in a company, units in a trust) is included when calculating the amount of pension, benefit or allowance payable. How is the value of a property decided? The value of real estate is its current market value, less any allowable debts on the property. The current market value is the price the owner could expect to receive if the property was sold. Through regular updates using relevant market data the Department of Human Services will maintain the value of the property. What happens if there is no permission to inspect the property? If the value of the property is likely to affect a person s entitlement to social security payments or the rate of payment, but no permission to inspect the property is provided, the person s payment may not be granted or payment may be stopped. What if you are not satisfied with the valuation? If you are unhappy with a valuation, you should contact us. We will check the details, explain the decision, and if necessary arrange a further valuation. This gives you a chance to correct misunderstandings or present new information. If you disagree with the decision and would like the decision to be reviewed, we will forward the matter to a review officer. For more information about your review and appeal rights, or to request a review of a decision, go to our website or call us on or visit one of our Service Centres. 87 IMPORTANT INFORMATION Privacy and your personal information Your personal information is protected by law, including the Privacy Act 988, and is collected by the Australian Government Department of Human Services for the assessment and administration of payments and services. This information is required to process your application or claim. Your information may be used by the department or given to other parties for the purposes of research, investigation or where you have agreed or it is required or authorised by law. You can get more information about the way in which the Department of Human Services will manage your personal information, including our privacy policy at or by requesting a copy from the department. 88 Authority to inspect the property I authorise a licenced valuer to enter and inspect the property for the purposes of a valuation in relation to the Social Security (Administration) Act 999. I understand that if the property to be inspected is not occupied by me, it is my responsibility to give the actual occupant reasonable notice, or such notice as is required by agreement, of the inspection. This authorisation does not permit the valuer to enter my home, or any dwelling the trust may own, during the inspection, unless invited to do so. A similar condition applies to the home of any tenant. I further understand that the Department of Human Services or its representative will contact the trustee, or the person noted below, to arrange a mutually convenient time for any inspection of the property. of Trustee Address of property Trustee's signature Postcode Date Second signature (if a corporate trustee) Date Person to be contacted by the valuer Their daytime phone number ( ) When you have completed a Trust Real estate details section for each real estate property held by the trust, go to next question. 0 of 3

27 Special concessions for farmers See Information for Primary Producers in the tes (page 5 to 6) before completing questions 89 to Are you a primary producer who wishes to apply for the special concession? 90 Go to 97 Who is operating the farm? of operator Their relationship to you Permanent address Postcode 9 Are you (and/or your partner) beneficiaries of the trust? You will need to provide: a copy of initial trust deed, or a copy of a statutory declaration or legal document of your resignation from the trust, which also states you will not exert any control over, or benefit in any way, from the trust. Indicate which type of beneficiaries: Income beneficiaries Capital beneficiaries 93 What was your (and/or your partner s) primary production income for the 3 financial years prior to limited appointorship (i.e. prior to the date in question 9)? Financial year / 94 Does your primary production enterprise include a partnership? 95 Your primary production income Your partner s primary production income Go to 96 Financial year Your primary production income 3 Your partner s primary production income Financial year Your primary production income Your partner s primary production income You will need to complete and attach a Business Details form (Mod F). If you do not have this form, go to our website www. humanservices.gov.au/forms or call us on What is the name of this partnership? / / 9 Date appointorship changed to limited? See definition of limited on page 6 of the tes. of 3

28 96 Do you (and/or your partner) own other primary production assets that are not part of this trust? Type of asset Give details of your (or your partner s) other primary production assets The trust balance sheet usually shows assets at their historical or Written Down Values (WDV). Provide the Current Market Value (CMV) of the assets. The CMV is the price a purchaser is willing to pay for an item. Only an estimate of the asset value is needed. If a professional valuation is required for any assets, we may have the assets valued at no cost to you or the trust or company. PLANT & EQUIPMENT MACHINERY VEHICLES LIVESTOCK STOCK Your estimate of the current market value 97 Which of the following forms, documents and other attachments are you (and/or your partner) providing with this form? You must provide copies of documents. The copies will not be returned. You will need to provide a copy of the following financial statements for the trust: Latest tax return for the trust Profit and loss statement for the trust Depreciation schedule for the trust Balance sheet for the trust tes to and forming part of the account (if applicable) Trading account details for the trust (if applicable) A profit and loss statement and/or balance sheet for the trust for the current financial year if the most recent completed year is not an accurate reflection of the current circumstances of the trust (if applicable) A loan agreement for each liability of the trust, other than documents for loans from associates (if applicable) If you are not able to lodge any of the required documentation, give an explanation below LICENCES BANK ACCOUNTS Other (describe) te: If requested, you must make available the following documents which relate to the trust: (Do not lodge them with this form we will tell you if we need to see them) the Trust Deed and amendments of this deed. If applicable, the: last return provided to the Australian Securities and Investments Commission (ASIC) for the trust title deeds for each property owned by the trust certificates for share investments of the trust investment certificates for managed investments owned by the trust. Continued of 3

29 Continued You may also need to provide a copy of the following documents for the trust: If you are not sure, check the question to see if you should attach the documents. A copy of the evidence the trust has had a change in circumstances (if you answered at question ) A copy of the will of the testator (if you answered at question ) Private Company form (Mod PC) (if you answered at question 6 and/or 48) A copy of the Resolution to Distribute and evidence of the Beneficiary Loan account balance (if you answered at question 38) A copy of the latest statement detailing the shareholding in each company (if you answered at question 46) A copy of a document which gives details (e.g. certificate with number of units or account balance) for each investment (if you answered at question 47) A copy of the beneficiary loan account details individual account balances (if you answered at question 5) Copies of any written agreements concerning loans involving associates to the trust (if you answered at question 5) Private Trust form (Mod PT) (if you answered at question 54) A copy of your (and your partner s) latest personal income tax returns (if you answered at question 55) A completed Trust Real estate details section for each real estate property owned by the trust (if you answered at question 58) A copy of the council rate/valuation notice for each property owned by the trust (at question 65) A copy of the loan agreement showing the securities used and the latest loan statement (if you answered at question 8) A copy of the initial trust deed, or the original (or a certified copy of the original) statutory declaration or legal document of your resignation from the trust, which also states you will not exert any control over, or benefit in any way, from the trust (if you answered at question 89) Business Details form (Mod F) (if you answered at question 94) 98 IMPORTANT INFORMATION Privacy and your personal information Your personal information is protected by law, including the Privacy Act 988, and is collected by the Australian Government Department of Human Services for the assessment and administration of payments and services. This information is required to process your application or claim. Your information may be used by the department or given to other parties for the purposes of research, investigation or where you have agreed or it is required or authorised by law. You can get more information about the way in which the Department of Human Services will manage your personal information, including our privacy policy at www. humanservices.gov.au/privacy or by requesting a copy from the department. 99 Statement I declare that: the information provided in this form is complete and correct. the personal income tax return I have provided (with this form or with another trust or company form) is a genuine copy. I understand that: giving false or misleading information is a serious offence. the Australian Government Department of Human Services can make relevant enquiries to make sure I receive the correct entitlement. Your signature Date Your partner s signature Date 3 of 3